The global osteoarthritis market was valued at USD 7.40 billion in 2021 and is expected to grow at a CAGR of 8.5% during the forecast period. Launching analgesic medications and developing imaging diagnostics based on radiographic features are both fostering market expansion. The market is also driven by increased spending on enhancing healthcare infrastructure and growing investments in research & development (R&D) activities to introduce new diagnostics and biomarkers.
Osteoarthritis (OA) is a variety of conditions that affects the knees, hips, fingers, feet, back, shoulders, and neck joints. It is characterized by the progressive deterioration of the cartilage in these joints. Common symptoms of OA include stiffness, edema, discomfort, chronic pain, lack of flexibility, a grating feeling, bone spurs, and sleep disruptions.
It can be identified through medical assessment, X-ray, arthroscopic, joint fluid analysis, lab tests, and magnetic resonance imaging (MRI) scans. Different drugs and surgical methods are recommended to treat the disease’s indications and symptoms based on the various outcomes. To treat pain and enhance joint function, there are currently alternative drugs, physical therapy, and supportive equipment on the market.
Individuals are more likely to develop OA due to sedentary lifestyles, poor dietary habits, and increased obesity and blood sugar rates. This is one of the main driving forces behind the market expansion, along with the rising senior population, which is more sensitive to such illnesses. In addition, the easy availability of MRI images is a significant growth-promoting element.
One of the leading causes of old age impairment in individuals worldwide is knee osteoarthritis. For instance, according to data from the Eurostat Statistics report released in February 2022, approximately 20.8% of the population of Europe, or about one-fifth of the entire population, was aged 65 or older. That number is projected to rise by two and a half times, from 6.0% in 2021 to 14.6% in 2100, which will also support the market growth.
Further, the rising FDA approvals for the treatment of Knee OA is the factor boosting the segment growth over the forecast period. For instance, in September 2021, Novartis stated that LNA043 had been given fast-track designation by the US Food and Drug Administration (FDA) for knee osteoarthritis rehabilitation.
Drugs intended to treat severe illnesses and meet unmet medical requirements can be developed more quickly and have their evaluations completed quicker. One potentially first-in-class disease-modifying therapy for osteoarthritis is being developed, called LNA043. Thus, the rising approvals for the treatment of knee OA boost the market growth over the forecast period.
The primary reason fueling this market’s growth is knee osteoarthritis’s increasing prevalence. Viscosupplementation significantly reduces osteoarthritis pain by injecting synovial fluid into the affected joints, which improves their lubrication. Also, Because of the development of new viscosupplementation agents and government initiatives to promote research in the healthcare sector, the viscosupplementation agents market is anticipated to expand significantly over the projected period.